The Commissioner claimed the new revamped strategy would aid in adding 5% to the EU GDP over the next 8 years and create 3.8 million jobs.

The priorities are a mix of the old and new strategies that include creating an Airbus like company for chip manufacturing to having a stable regulatory framework for broadband rollout across the EU.

“My top priorities are to increase broadband investment and to maximise the digital sector’s contribution to Europe’s recovery,” the EU Digital Agenda Commissioner Neelie Kroes said.

Speeding up cross border digital services along with modernising EU’s copyright framework and launching a coherent cyber strategy are also some of the priorities highlighted in the document.

The EU’s new strategy also aims to address IT skills shortage in Europe by launching a broad based initiative and support the proliferation of cloud computing especially in the public sector.

In addition, the agenda calls for a new industrial strategy for micro and nano-electronics. Kroes went on to way say she was “to bring web entrepreneurship into the debate. The message is that we need to take risks and skip the word risk avoidance”.

BusinessEurope, Europe’s employer organisation’s Director General Markus Beyrer, welcomed the new digital strategy and called for swift implementation and argued that the new priorities should be “consistently integrated in all EU policies”.

Huawei, the Chinese telecoms equipment maker, who has been accused by the US House of Representatives of being an arm of the Chinese state called for “free market” and “fair competition” and argued that “protectionism and state support” cannot be the answer to tough economic conditions.

The EU trade Commissioner Karel De Gucht said the Commission was monitoring the situation. "We have already had discussions about the issue with the Chinese authorities, not directly about the companies themselves, but about the financial constructs that make us have doubts about the level playing field in this sector," he added.